SMEs plan to expand business as economy revives: Survey

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New Delhi, Feb 23 (IANS) A majority of the small and medium enterprises (SME) in the country plan to expand their businesses going ahead as the economy revives, showed the SME Leasing & Business Sentiment Survey by 360 Realtors’ commercial division.

In a statement, 360 Realtors noted that business activities are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 per cent in FY 22.

“Echoing this sentiment, a whopping 69 per cent of the respondents in the survey have demonstrated their plans to expand their business. As the economy is expected to expand, there will be significant growth in demand and consumption which is egging on industry players,” it said.

Around 49 per cent of the respondents have said that they will launch new verticals, whereas slightly over 12 per cent have suggested functional team reallocation.

The respondents are spread across numerous cities in India including Delhi-NCR, Kolkata, the MMR, Bengaluru, Hyderabad, Chennai, among other.

“Although the pandemic has impacted the momentum of growth in the SME sector, the post-Covid era will see the emergence of new opportunities and business proliferation driven by a consistent restoration of business activities,” said Ankit Kansal, Founder & MD, 360 Realtors.

Kansal said that as a healthy moderation to the economy is taking place, Indian SMEs are coming back to action besides new opportunities unlocking in numerous upcoming segments.

“This will also fuel demand for new office spaces and boost overall leasing activities in the country,” he added.